ACV Auctions (NASDAQ:ACVA) Stock Price Down 5.2% After Analyst Downgrade

ACV Auctions Inc. (NASDAQ:ACVA)’s stock price was down 5.2% on Thursday after JPMorgan Chase & Co. lowered their price target on the stock from $24.00 to $20.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. ACV Auctions traded as low as $14.00 and last traded at $14.49. Approximately 1,703,592 shares were traded during trading, an increase of 21% from the average daily volume of 1,404,448 shares. The stock had previously closed at $15.28.

A number of other research analysts have also recently weighed in on ACVA. Needham & Company LLC reiterated a “buy” rating and issued a $25.00 target price on shares of ACV Auctions in a report on Wednesday, March 12th. JMP Securities reaffirmed a “market outperform” rating and issued a $25.00 price objective on shares of ACV Auctions in a research note on Monday, December 16th. Piper Sandler raised shares of ACV Auctions from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $18.00 to $20.00 in a research report on Thursday, March 20th. Bank of America raised shares of ACV Auctions from a “neutral” rating to a “buy” rating and reduced their price target for the company from $22.00 to $20.00 in a research report on Wednesday, March 12th. Finally, Stephens raised shares of ACV Auctions to a “hold” rating in a research report on Saturday, February 1st. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $23.14.

Insider Activity at ACV Auctions

In other news, CFO William Zerella sold 15,000 shares of the stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $20.57, for a total transaction of $308,550.00. Following the completion of the transaction, the chief financial officer now directly owns 462,452 shares in the company, valued at approximately $9,512,637.64. This represents a 3.14 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Michael Waterman sold 30,162 shares of ACV Auctions stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $20.53, for a total transaction of $619,225.86. Following the completion of the sale, the insider now owns 314,738 shares of the company’s stock, valued at approximately $6,461,571.14. This trade represents a 8.75 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 455,911 shares of company stock valued at $7,480,541. Corporate insiders own 8.50% of the company’s stock.

Hedge Funds Weigh In On ACV Auctions

Several large investors have recently modified their holdings of the stock. Wellington Management Group LLP raised its stake in ACV Auctions by 61.3% during the fourth quarter. Wellington Management Group LLP now owns 1,708,551 shares of the company’s stock valued at $36,905,000 after buying an additional 649,039 shares in the last quarter. California State Teachers Retirement System raised its position in shares of ACV Auctions by 1.4% during the 4th quarter. California State Teachers Retirement System now owns 141,873 shares of the company’s stock valued at $3,064,000 after acquiring an additional 1,906 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of ACV Auctions during the 4th quarter valued at approximately $4,026,000. Integrated Advisors Network LLC acquired a new position in ACV Auctions in the fourth quarter worth $200,000. Finally, Mackenzie Financial Corp bought a new stake in ACV Auctions during the fourth quarter valued at $206,000. Institutional investors own 88.55% of the company’s stock.

ACV Auctions Price Performance

The company has a market capitalization of $2.46 billion, a P/E ratio of -29.76 and a beta of 1.73. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.28. The business has a 50 day simple moving average of $18.21 and a 200-day simple moving average of $19.62.

ACV Auctions (NASDAQ:ACVA) last issued its quarterly earnings data on Wednesday, February 19th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.01. ACV Auctions had a negative net margin of 12.51% and a negative return on equity of 12.94%. The firm had revenue of $159.51 million for the quarter, compared to the consensus estimate of $156.77 million. Analysts predict that ACV Auctions Inc. will post -0.07 EPS for the current fiscal year.

About ACV Auctions

ACV Auctions Inc operates a digital marketplace that connects buyers and sellers for the online auction of wholesale vehicles. The company’s marketplace platform includes digital marketplace, which connects buyers and sellers by providing online auction, which facilitates real-time transactions of wholesale vehicles; Run List for pre-filtering and pre-screening of vehicles up to 24 hours prior to an auction taking place; ACV transportation service to enable the buyers to see real-time transportation quotes and status reports of the vehicle; ACV capital, a short-term inventory financing services for buyers to purchase vehicles; and Go Green’s seller assurance service for against claims related to defects in the vehicle.